What Is a Debit Card?
A debit card is a payment card that deducts money directly from your checking account. Also called “check cards” or “bank cards,” debit cards can be used to buy goods or services or to get cash from an ATM. Debit cards can help you reduce the need to carry cash, although using these cards can sometimes entail fees.
Features and Benefits of a Debit/ATM Card
- Debit cards are used to withdraw cash from an ATM.
- It can be also used for merchant transactions at Point of Sale (PoS) terminals.
- A ATM card ensures instant transfer of funds and receipts of services.
- It can also be used on e-commerce platforms to shop online or pay for services online.
- It offers exciting features like bonus points, cash back offers, free insurance coverage and many more.
- Offers greater security and thus decreases the chances of fraud and misuse.
- You can easily keep tracks of your spends with features like email and SMS alerts.
- Offers a contactless payment option, which allows you to make purchases by tapping your card on the Point of Sale (PoS).
Different Types of Debit Cards in India - A Comprehensive Guide
- Visa Debit Card
- Rupay Debit Card
- MasterCard Debit Card
- Maestro Debit Card
- Visa Electron Debit Card
- Contactless Debit Card